Mozambique files case against Credit Suisse


0

The government of Mozambique has filed a case in the High Court in London against the investment bank Credit Suisse over what has become known as the “tuna bond” scandal.

Credit Suisse was one of the lenders that helped to arrange $2bn (£1.5bn) of government-backed loans that pushed Mozambique into a debt crisis.

Also named in the filing are three former Credit Suisse bankers, who have already been indicted in the US.

Credit Suisse declined to comment.

The court records said the case related to “commercial contracts”, but gave no further details.

Mozambique’s economy has been in crisis since 2016, when it emerged the country had more than $2bn of undisclosed state debts.

The loans, taken out between 2013 and 2016, were marketed as investments in schemes including maritime security projects and a state tuna fishery. But a proportion of the money has not been accounted for and the allegations made in the US indictment include accusations of kickbacks and fraud.

Manuel Chang, the former Mozambique finance minister who signed off on the loans, has been detained in South Africa since December on charges related to the loans scandal. He denies any wrongdoing.

The court documents filed in London also mention Surjan Singh, Andrew Pearse and Detelina Subeva, former employees of Credit Suisse who are waiting to hear whether they will be extradited to face charges in the US.

They are accused of conspiring to violate US anti-bribery law, as well as money-laundering and securities fraud, in an indictment issued by a US District Court in New York.

Source : BBC


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
BBC

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format